THE RULING FROM BORGARTING COURT OF APPEAL WHERE PETROLIA SUBSIDIARY WON THE LEGAL DISPUTE WITH PETROMENA BANKRUPTCY ESTATE IS NOW FINAL
Oil Tools Supplier AS (formerly Petrolia Services AS), a subsidiary of Petrolia SE, has entered into an agreement with the PetroMENA ASA bankruptcy estate whereby both parties agree not to file an appeal to the Supreme Court over the decision from Borgarting Court of Appeal regarding the claim from the PetroMENA ASA bankruptcy estate. Borgarting Court of Appeal has in majority ruled in favor of Oil Tools Supplier AS and has reduced the claim to USD 1.5 million, in line with the position of Oil Tools Supplier AS.
With reference to the stock notice dated 18 December 2014, the Estate of PetroMENA ASA and Oil Tools Supplier AS, has today entered into an agreement not to file an Appeal to the Supreme Court over the decision from Borgarting Court of Appeal.
Consequently, Borgarting Court of Appeal reduces the claim from the Estate of PetroMENA ASA from USD 34.7 million to USD 1.5 million, plus accrued interest, with no legal costs awarded. The total amount to be paid to the Estate of PetroMENA ASA is now USD 2.1 million. The reduced claim is in line with the position of Oil Tools Supplier AS.
Petrolia SE has previously made provisions of USD 13 million for the claim and will book the residual as extraordinary income in the fourth quarter 2014.
Limassol/Bergen, 21 January 2015
For further information, please contact:
Managing Director, Norwegian branch
Phone: +47 93 24 00 27
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.
About Petrolia SE
Petrolia SE has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf, and a group of leading rental equipment companies for the global oil industry. Petrolia SE employs a staff of around 330 highly competent employees worldwide.